Filing Flows › Amphastar Pharmaceuticals (AMPH) › Q4 2025
Amphastar Pharmaceuticals (AMPH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Amphastar Pharmaceuticals (AMPH) reported revenue of $183M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -5% from the quarter before. Operating margin was 19.4%, net earnings $24.4M (13.3% of revenue).
Amphastar Pharmaceuticals, Q4 2025: revenue $183M (-2% year over year), operating margin 19.4%, net earnings $24.4M, operating cash flow $32.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $183M | -5% | -2% |
| Gross profit | $85.7M | -13% | -1% |
| Operating profit | $35.6M | +41% | -21% |
| Net earnings | $24.4M | +41% | -36% |
| Operating cash flow | $32.9M | -38% | +13% |
| Free cash flow | $24.6M | -48% | +48% |
What changed
Revenue was $183.1M in Q4 2025, down 2% year over year and down 5% from the previous quarter.
Gross margin was 46.8%, up 0.3 points from a year earlier. Operating profit was $35.6M, a 19.4% margin (down 4.8 points year over year). Operating expenses grew 21% against a revenue fall of 2%. The fastest-growing cost line was Research & development (+29%). Net earnings were $24.4M, down 36% year over year. The effective tax rate was 23.5%.
Operating cash flow was $32.9M (up 13% year over year), 135% of net earnings. Non-cash charges added back $14.3M of depreciation and amortization and $6.2M of share-based compensation. Working capital and other items used $12.1M. Capital expenditures of $8.3M left free cash flow of $24.6M.
Questions
What was Amphastar Pharmaceuticals' revenue in the fourth quarter 2025?
Amphastar Pharmaceuticals (AMPH) reported revenue of $183M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -5% from the quarter before.
Was Amphastar Pharmaceuticals profitable in the fourth quarter 2025?
Operating profit was $35.6M (19.4% of revenue) and net earnings $24.4M.